In seven years, the company predicted a tripling of revenue to 128 billion rands.

Exporters blame inadequate railways and congested ports for bottlenecks in shipments of key minerals, including coal, iron and manganese, preventing South Africa from keeping up with global demand.

“Transnet’s investment programme … is expected to create and sustain hundreds of thousands of direct and indirect jobs, every year for the next seven years,” it said.

“In uncertain economic conditions like this, state-owned companies and major businesses have a responsibility to step forward, invest and create jobs.”

South Africa announced in February a nine-year, 3.2-trillion-rand plan to upgrade the nation’s infrastructure to shore up economic growth and create jobs to help reduce an unemployment rate of nearly 24 percent.